US National Debt Reaches Historic High
The United States national debt has reached its highest level in history.
The figure now stands at over $36 trillion.
The corresponding statement was made by the US Department of the Treasury.
At the beginning of this year, the country's national debt was $34 trillion.
That is, over this year it has increased by two trillion, reports MIA “ Russia Today ”.
According to the IMF forecast, in 2029 the figure will correspond to 131.7% of the gross domestic product of the United States.
And in another three years, the American national debt could exceed 140% of the country's GDP.
The UN specialized agency emphasized that such a situation is a threat not only to the US national economy, but also to the global economy.
Why is the US national debt growing?
This is due to a serious budget deficit.
The US has not had a sustained surplus for a long time; the last time such a situation occurred was almost 100 years ago.
There were surpluses in the next four decades, but only temporarily.
The first period of serious shortages began in 1970. It lasted until 1998.
Then the situation improved, but only for 4 years. Since 2002, the US federal government's spending has significantly exceeded its expenditures.
For reference
The U.S. public debt is the debt owed by the U.S. federal government to its creditors.
